Lake Street Capital Markets Starts PetIQ Inc. (PETQ) at Buy, 'Well-Positioned For Continued Growth'

Lake Street Capital Markets analyst Ryan Meyers initiates coverage on PetIQ Inc. (NASDAQ: PETQ) with a Buy rating and a price target of $28.00.

The analyst comments "PetIQ is the industry-leading pet health and wellness products provider to the retail channel. The company has built relationships with all major retailers and has over 60K points of distribution. The business has three distinct growth opportunities which we believe it will continue to execute. With a wide competitive moat in its distributor business, we think it will drive further volume at retailers and capitalize on favorable trends across the industry. We expect the branded segment to continue to take outsized share gains and drive improved margin and earnings growth. Lastly, we view the services business as a significant opportunity with a differentiated veterinarian concept. We think growth in U.S. household pet ownership creates a favorable long-term tailwind for PetIQ. Pet medication currently represents an approximate $13B market. Outside of this, there is a $10B underserved veterinarian market the company can capitalize on through its services business."

For an analyst ratings summary and ratings history on PetIQ Inc. click here. For more ratings news on PetIQ Inc. click here.

Shares of PetIQ Inc. closed at $18.19 yesterday.

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